Daily GBP/USD technical outlook
Last Update At 25 Nov 2021 00:56GMT
Trend daily chart
Down
Daily Indicators
Falling
21 HR EMA
1.3444
55 HR EMA
1.3469
Trend hourly chart
Down
Hourly Indicators
Turning up
13 HR RSI
47
14 HR DMI
-ve
Daily analysis
Consolidation b4 downtrend resumes.
Resistance
1.3409 - Tue's high.
1.3389 - Wed's high.
1.3361 - 61.8% r of 1.3389-1.3317.
Support
1.3317 - Wed's fresh 10-month low.
1.3305 - 2020 Dec 22 low.
1.3272 - 2020 Nov 17 high (now sup).
GBP/USD - 1.3342.. Outlook is similar to euro, cable moved narrowly in Asia y'day n staged a recovery to 1.3389 at European open b4 falling as usd rose in tandem with US yields, price later tumbled to 1.3317 in NY session.
On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar 2020 on safe-haven usd's demand following free fall in global stocks, price rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month, 1.4241 peak in late Feb suggests a major low is made. Despite hitting a 3-year peak of 1.4250 on Jun 01, selloff to as low as 1.3412 in Sep confirms a long-awaited correction has occurred. Although cable rallied to 1.3834 in mid-Oct, early fall to 1.3354 in Nov would head to 1.3305/10, then 1.3135/45. On the upside, only weekly close abv 1.3608 risks 1.3698, break, 1.3834 in Dec.
Today, Wed's weakness to a fresh 10-month low at 1.3317 wud extend MT downtrend fm 1.4250 to 1.3300/05, 'bullish convergences' on hourly indicators would keep price abv 1.3272. On the upside, only a daily close abv 1.3389 confirms temp. bottom is made n risks stronger retracement to 1.34a09, then 1.3449.
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